Attachments
Highlights
- The food inflation index increased to 37.77 percent in September 2024 from 37.52 percent in August 2024 (a difference of 0.25 percent) due to an increase in the average price of some commodities(1). In September 2024, the official dollar/naira exchange rate closed at ₦1601.01/$1, hence, the dollar appreciated by 0.31 percent when compared to the previous month. At the parallel market, the dollar appreciated by 3.3 percent (₦1645/$1 to ₦1700/$1) in September 2024. This brings the total year-on-year (September 2023 to September 2024) appreciation of the dollar to about 68.7 percent.
- Between August and September, the value of 70% of the cost of a Survival Minimum Expenditure Basket (SMEB) for a family of five increased by 4% in Damaturu in Yobe State. The rising cost of the SMEB in Damaturu and other LGAs is reflective of the increasing trend in the cost of basic food commodities, which contributes to reduced purchasing power among market-dependent households as well as an increased level of inadequate food consumption. Please refer to Table 3 for the SMEB values in other LGAs of the BAY states.
- In September, petroleum pump prices were observed to be on the rise across various outlets, contributing to the high cost of transportation and increased cost of basic food items for consumers. Of all locations monitored in September, fuel prices were seen to be highest in Monguno LGA in Borno State at an average price of 2400 naira per litre, while the lowest price was seen in Geidam LGA in Yobe State with an average of 1100 naira per litre. A month-on-month increase as high as 38 percent was seen in Gujba LGA, followed closely by a 31 percent increase seen in Potiskum LGA both in Yobe State. Please refer to fig.4 for fuel prices in other LGAs of the BAY states.
Reference: (1) National Bureau of Statistics CPI September 2024 Report